How Much will it Cost?

Ministers’ Section

As a member of the Ministers’ section, you contribute to the scheme at the rate of 8% of your pensionable income. Your pensionable income includes an element for accommodation, usually the notional value of a manse. All of these contributions are credited to your pension account.

Your employer contributes an additional 10% of your pensionable income. From this, 6% of your pensionable income is credited to your pension account. The remaining 4% is used to pay for:

Insuring the lump sum death benefit

Insuring the income protection benefit (which legally has to be separate from the Baptist Pension Scheme)

Administration costs

If your employer has no responsibility for the Defined Benefit Plan deficit funding, then its contribution will be 9% of your pensionable income, of which 6% goes to your pension account, with the remaining 3% used to pay for costs and insuring the lump sum death benefit and the income protection benefit.

Staff Section

As a member of the Staff section, you contribute to the scheme at the rate of 8% of your pensionable income. All of these contributions are credited to your pension account.

Your employer contributes an additional 10% of your pensionable income. From this, 6% of your pensionable income is credited to your pension account. The remaining 4% is used to pay for:

Insuring the lump sum death benefit

Insuring the income protection benefit (which legally has to be separate from the Baptist Pension Scheme)

Administration costs

If your employer has no responsibility for the Defined Benefit Plan deficit funding, then its contribution will be 9% of your pensionable income, of which 6% goes to your pension account, with the remaining 3% used to pay for costs and insuring the lump sum death benefit and the income protection benefit.

Basic Section

As a member of the Basic section you contribute to the Scheme at the rate of 5% of your pensionable income. All of these contributions are credited to your Pension Account.

Your Employer contributes an additional 5% of your pensionable income. From this, 4% of your pensionable income is credited to your Pension Account. The remaining 1% is used to pay for: